In a decentralised system like BitCoin, the proof-of-work algorithm is the core of the solution.

The whole point of "Satoshi Nakamoto's" paper was to explain a way to prevent the double spending problem.

In order for a miner to approve a new block of transactions and claim the prize, the proof-of-work has to be solved. The miner must provide proof that he has found the answer to a complicated question.

To illustrate what a proof of work means, let me show an example :

Find the <proof-of-work> variable so that result of the hashing the first 10 digits of the result are 0.

Hash Function (<Block's Hash> <proof-of-work>) = 0000000000𝑌𝑌𝑌𝑌𝑌𝑌 …

The only way to find the proof-of-work, is to try every combination there is, until the miner finds the right one.

Today, this takes a lot of power. And with time the proof-of-work gets tougher and tougher to find.

Today, Bitcoin mining looks like this

A LOT of power is used to run the Bitcoin network : by 2020 BitCoin could use as much energy as Denmark

We are talking about energy that is being used to calculate cryptographic hashes, energy that is in some way misused. And because of the heat the processors produce, fire can be an issue for many miners...

Unfortunately, the more popular crypto-currencies out there also use the same proof-of-work algorithm (yes, even DogeCoin).

So, let's forget for a second the other issues that BitCoin has : blockchain increasing size that induces, delays in transaction approval, mining pool reaching more than 50% of the mining power, etc.

What if we could imagine a crypto-currency that is not based in the proof-of-work algorithm ?

There are many alternatives that are not yet fully exploited from my point of view : proof-of-stake, proof-of-activity, proof-of-bum…

I will not explore these notions in the article. Instead, I would like to propose a new solution to the double spending problem by asking 2 questions :

What if we could know exactly when each transaction occurred?

What if we could accurately and securely TimeStamp every transaction in the Network ?

Then the double spending problem would be solved. No need for the proof-of-work, no need for mining, no need to waste tons of energy.

2 transaction events cannot take place at exactly the same time : if a node tries to double spend a BitCoin, then the Network would only validate the first transaction and the second would be refused.

Let's call it UTCoin (Universal Time Coin)

Ideed, in order for this to work "time" has to be somewhat absolute.

UTCoin could be the answer to all environmental problems linked with the proof-of-work algorithm.

Of course, UTCoin has many limitations and issues that need to be addressed before even considering creating this type of coin.

For instance, the biggest problem is : how do you establish absolute and accurate TimeStamps for every transaction? How do you prevent TimeStamp fraud?

I have been working on this for several months, and I have several ideas in mind to solve the main issues.
I have been loving Steem since I discovered it and I decided it will be the first place I will post my humble research.

Since Steem is all about the power of the community, let's try to figure this out together.

How can we TimeStamp every transaction on the Network without a central entity?

Write in the comments sections all of your ideas!

In a week, I will write a part II explaining my ideas and include some ideas from the comment section.

Thanks again for making part of this community, let's try to figure this out together!